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Puerto Vallarta, Mexico - There have been a lot of changes on the real estate landscape in Mexico over the last decade, but as we begin a new year, what are the major trends that we'll be seeing in Mexican real estate for 2015? We have an overview of some of the most powerful and influential trends happening in the marketplace.
• Smaller, More Affordable Construction
New condo buildings with smaller units seem to be the wave of 2015; particularly in resort areas where foreigners are buying, creating a more affordable entry point for US and Canadian buyers to purchase a dream retirement home. In addition, we see mostly a modern architectural style being offered as opposed to the traditional Mexican buildings.
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The strong American dollar coupled with low oil prices that are putting more dollars in the pockets of Americans, makes this an ideal time for American buyers to purchase property in Mexico.
However, conversely, foreign sellers need to keep in mind the difference that weak pesos can have on Capital Gains. For example, if your home was purchased in 2005 for $100,000 USD with an exchange rate of 10 to 1, you would have registered your home for taxation purposes at a value of $1,000,000 pesos. Today, if the exchange rate is 15 to 1, if you sell that same home for the price you paid for it, you now need to declare that the value of the house is $1,500,000 pesos on your Capital Gains, even though you did not see a true increase on the value of your home.
• Mexico Momentum
2015 is probably the best time we have had to invest in real estate in Mexico. Prices have come down across the board and Mexico continues to expand and educate its people. As education continues to be a priority, more jobs and opportunities will continue to expand at an exponential pace. This in turn, continues to make Mexico a great investment for all types of businesses. MEXLend is in business with many investment firms who continue to look favorably on the financial outcome and progress of Mexico.
• More Restrictive Banking Qualifications
Mexican banks have been overhauling their systems and risk departments and tightening their guidelines, in particular, the ability of a client to use foreign (non-Mexican) income to qualify for a loan. So at this time, there are few options for non-Mexican buyers for financing homes. Thankfully, MEXLend has the only product available for immediate funding of these transactions, so US and Canadian clients can take advantage of their strong dollars to get a great price on a property. There are more programs on the horizon, but they have not launched as of this time.
Mexico offers an unmatched lifestyle and tremendous value for those fortunate enough to discover her charms. Stunning architecture, warm and wonderful people, incredible weather and unspoiled scenery combine with a culture that is both rich and strong — what more could you ask for in a vacation or retirement home? Is 2015 the year to start living your dreams... ¿Por qué esperar... Why wait?
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